French firm Rubis Energie acquires Gulf Energy operations

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French firm Rubis Energie acquires Gulf Energy operations

Tuesday, November 5, 2019 12:54

By JAMES KARIUKI

French firm Rubis Energie has cemented its market share in the region after buying off Gulf Energy Holdings Limited (GEHL), the special purpose vehicle holding the oil marketing assets and businesses of Gulf Energy Limited.

Without disclosing the value of the deal concluded in Paris, the conglomerate said it had acquired all the issued shares of GEHL, coming just months after concluding the takeover of KenolKobil.

The deal brings Rubis’ combined market share to 20 percent, making it the local market leader.

Rubis which already operates in 12 African countries in the mid and downstream oil market will now take over GEHL’s 46 gas stations, commercial contracts for supplying power plants and large industrial consumers, aviation fuels, LPG and lubricants.

However, the Rubis and GEHL deal awaits a nod from Kenya’s regulatory authorities.

Early this year, Rubis entered the Kenyan market when it bought off 1.182 billion ordinary shares held by KenolKobil former owners worth Sh26.35 billion bringing its stake to 97.6 percent and resulted in delisting of the firm from the Nairobi Securities Exchange.

Founded in 1959, Kenol Kobil’s operations span across seven countries across Eastern, Central and Southern Africa where it deals in supply, storage, distribution and retail of a wide range of petroleum products.